Crude Oil gets a positive signal – Analysis - 26/05/2015

Crude oil price keeps fluctuating near the EMA50, while stochastic provides positive overlapping signal now that we wait to activate resuming the bullish trend, and the price needs to breach 60.40 level to ease heading towards our positive targets, which begin at 62.56 and extend to 66.10.

In general, the bullish trend scenario remains valid and active on the intraday and short term basis, as long as the price above 58.18 level, where breaking this level will push the price to head towards 55.50 initially, before any new attempt to resume the bullish trend.

Expected trading range for today is between 59.00 support and 62.00 resistance.

Expected trend for today: Bullish